RBI launches PRAVAAH, FinTech Repository, and Retail Direct mobile app

On Tuesday, the Reserve Bank of India (RBI) launched three major initiatives namely the PRAVAAH portal, RBI Retail Direct mobile application and FinTech Repository as earlier announced in April 2023, April 2024, and December 2023, respectively.

The said initiatives, which are aimed towards enhancing regulatory processes, facilitating retail investment, and providing comprehensive data on the fintech sector, were launched by Governor Shaktikanta Das in presence of several leaders from the industry.

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According to the central bank, PRAVAAH portal, which stands for Platform for Regulatory Application, Validation, and Authorization, is a secure, centralized web based platform designed for both individuals and entities to seek authorizations, regulatory approvals, and licenses from the RBI.

Moreover, it features status tracking, online application submission, and timely decision-making, enabling to cover 60 different application forms across various regulatory and supervisory departments.

Speaking for the Retail Direct Mobile App, it has been designed to offer easy access to retail investors allowing them to buy and sell government securities (G-Secs) directly from their smartphones.